Forex - Dollar bounces back ahead of fresh US data

© Reuters. Dollar edges higher vs. rivals with U.S. data in focus

Investing.com - The dollar bounced back against the other major currencies on Thursday, erasing earlier losses posted amid doubts of an additional U.S. rate hike this year, as investors turned to a fresh string of U.S. economic reports due later in the day.

The greenback weakened after the minutes of the Federal Reserve’s July policy meeting showed that over the need to raise interest rates further this year, citing low inflation.

The minutes were released after disappointing dampened recent optimism over the strength of the economy.

The greenback was also hit by fresh political tensions in Washington after U.S. President Donald Trump disbanded two high-profile business advisory councils, sparking concerns over the administration’s ability to implement his economic reforms.

The move came after over his remarks blaming weekend violence in Virginia not only on white nationalists but also on anti-racism activists who opposed them.

slipped 0.25% to 1.1735 after data showed that .

Market participants were also looking ahead to the minutes of the European Central Bank’s latest policy meeting, expected later in the trading session, for potential indications on when the central bank will begin tapering its asset purchase program.

The single currency had weakened broadly following reports on Wednesday that at the U.S. Federal Reserve\'s Jackson Hole conference.

The pound was steady, with at 1.2892, off the previous session’s one-month trough of 1.2843 after the UK Office for National Statistics said .

Elsewhere, fell 0.20% to 109.97, while was almost unchanged at 0.9758.

The Australian dollar ws stronger, with up 0.16% at 0.7937, while held steady at 0.7309.

Earlier Thursday, the Australian Bureau of Statistics said the number of employed people increased by last month, beating expectations for a 20,000 gain.

The unemployment rate hit in July from 5.7% in June, in line with market expectations. June’s figure was upwardly revised from a previously estimated rate of 5.6%.

Meanwhile, eased up 0.11% to trade at 1.2632, off a nearly two-week low of 1.2588 hit overnight.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.15% at 93.55, easing off session lows of 93.22.

Disclaimer:Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Read Again Forex - Dollar bounces back ahead of fresh US data : http://ift.tt/2x6RPXE

Let's block ads! (Why?)